Although noting that the Securities and Exchange Commission (SEC) has been a valuable ally of journalists, this paper suggests that recent efforts of the SEC in prosecuting the case of R. Foster Winans, Jr., a former writer for the "Wall Street Journal," may be unconstitutional. Following an introduction to the First Amendment issues raised, the paper provides background information about Winans's case, in which he was charged with securities fraud for leaking financial information to his confederates prior to publication in his column. The paper next explains the misappropriation theory, which led to a charge of misappropriation against Winans, and discusses the belief of the SEC that journalists have an obligation under federal securities laws to disclose to readers if they are trading in the securities about which they are writing. Finally, the paper acknowledges that the SEC's actions are not the first efforts by government to apply sanctions against news outlets for what is printed or broadcast, but states that the agency's legal basis is unique. Furthermore, this last section of the paper asserts that the Supreme Court must decide whether the First Amendment bars the imposition of security law liability upon the editorial process. (DF)